Mindy Diamond Quoted – By Dan Jamieson, Financial Advisor Magazine – UBS Financial Services is pulling out of the broker recruiting protocol. The move by UBS, which had announced earlier this year it would scale back recruiting efforts and focus on retention of existing brokers, was expected.
Louis Diamond Quoted – By Brooke Southall, RIABiz – Like a belled Swiss cow in a china shop, UBS exited the Broker Protocol. But the leave-taking didn’t soften the heady impact of the act or provide the answer to a big question: What will Wells Fargo do?
Mindy Diamond Quoted – By Lisa Beilfuss, The Wall Street Journal – Two of Wall Street’s biggest firms have a message for their brokers: Leave at your own risk.
Mindy Diamond Quoted – By Murray Coleman, Financial Advisor IQ – Despite reports indicating a bevy of Morgan Stanley advisors are jumping ship now that it’s breaking with industry protocol for handling employment moves, not everyone’s convinced such a policy reversal is behind any new uptick in recruiting activities. In fact, several wealth management headhunters say they doubt it’s even possible from an operational standpoint for newly-minted job changers to spin on a dime.
Louis Diamond Quoted – By Jed Horowitz and Mason Braswell, AdvisorHub – Morgan Stanley said Monday that it is dropping out of the Protocol for Broker Recruiting that large firms signed more than a decade ago, underscoring what it calls its “commitment” to spend money on retaining experienced brokers and training new ones rather than hiring them from rivals.
Louis Diamond Quoted – By Jed Horowitz, AdvisorHub – J.P. Morgan Securities continues to swell its broker ranks with refugees from firms pulling out of the Protocol for Broker Recruiting.
Louis Diamond Quoted – By Brooke Southall, RIABiz – A breakaway senior banker from J.P. Morgan Private Bank will use the broker-dealer, RIA and back office of HighTower Advisors LLC but will keep ownership and the newly minted name of his new firm. Miami-based Marc Shachtman, 49, is launching True Wealth Advisory Group with $500 million of managed assets — assets that will sit on Chicago-based HighTower’s ADV.
By Barbara Herman – This is an industry where rumors frequently abound. From headlines to hearsay, the stories start out as whispers then circulate fast and furiously. There are the ones that tell of a major firm being on the block or the others of a firm exiting the Broker Protocol. Each creates feelings of uncertainty and concern, and can lead advisors to speculate about what lies ahead. What makes it even more confounding is that sometimes there actually is some truth to the buzz.
By Howard Diamond – Over the past few weeks, rumors have abounded that some wirehouse firms are contemplating an exit from the 13-year old arrangement that protects firms and advisors alike: Membership in the Protocol for Broker Recruiting (“Protocol”). What is the rationale for considering such a move and, more telling, what impact will it have on advisor recruiting?
By Mindy Diamond – In the past 2 months or so, we saw 4 big Goldman Sachs teams leave the vaunted firm, with 3 out of the 4 going independent. Historically, advisors from non-Protocol firms – especially those with garden leave provisions like the one Goldman Sachs puts in all its employment contracts – would never have considered the independent space.
